The Income Tax (I-T) Act has special rules for the taxation of gifts. As per the I-T Act, gifts include specified movable property, immovable property, etc. The I-T Act exempts gifts from specified relatives irrespective of the value of such gift. For non-relatives, Section 56(2)(x) of the Act provides that any person who receives any sum of money or property having a value exceeding the specified amount, i.e., ₹50,000, shall be liable to pay tax on the value of such gifts.
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